China Unicom (Hong Kong) Ltd. and Telefonica de Espana have inked a framework agreement on 3G business cooperation, confirmed persons from the newly-incorporated Chinese telecom operator.
The move aims to deepen their cooperation on mobile telecommunications, WCDMA-based 3G service, broadband application, international business, marketing, technology R&D, procurement, and telecom service for enterprise clients.
Earlier, the two parties had joined hands on equipment procurement, international roaming, and technology R&D. In 2005, Telefonica de Espana spent EUR 240 million buying a 2.99% stake in former China Netcom Group Corporation (Hong Kong) Limited (SEHK: 0906, NYSE: CN), which got delisted from the stock exchanges on October 15, 2008 due to its scheduled merger with China Unicom.
Having a 5.38% stake in China Unicom at the moment, the Spanish telecom carrier will be likely to lift up its holdings to 9.9% in future.
Source: 163.com